Gold price today, June 6: Strong increase again
Gold prices today fluctuated amid weaker-than-expected US employment data. Since then, the market has speculated that the country's economic growth will slow down. Investors strengthen expectations that the US Federal Reserve (FED) will cut interest rates by the end of 2024.
Accordingly, US bond interest rates dropped to 4.2%, meaning the value of bonds decreased. Investors put capital into bonds to generate profits. As a result, very little money flows into precious metals. Gold price today has upward momentum.
The World Gold Council said that in April 2024, central banks around the world bought a net 33 tons of gold. This signals that many countries will continue to increase their gold reserves to "save for a rainy day".
With the above information, speculators may think the gold market will heat up. From there, they increase their purchasing power. Today's gold price in the world increased by 28 USD, from 2,327 USD/ounce to 2,355 USD/ounce at 6 o'clock on June 6.
Previously, in Vietnam, people also increased their purchasing power when 4 state-owned commercial banks and SJC Company reduced the selling price of SJC gold bars by 1 million VND/tael, down to 77.98 million VND/tael but still higher than the world gold price of about 6 million VND/tael.
